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Global tariff wars have spread to the European Union, with Trump announcing his focus, has now turned to the single market. He announced a tariff of 50%, on all EU goods, commencing the 1st of June. A phone call from EU leadership has allowed the implementation date to move to the 9th of July. Progress on these trade negotiations will determine the direction of the EURO.
Current Level: 0.5260
Support: 0.5100
Resistance: 0.5400
Last week’s range: 0.5210-0.5290
Risk currencies outperformed Monday, the New Zealand Dollar (NZD) reversing off 0.5600 (1.7870) trading back to 0.5650 (1.7700) areas in early Tuesday. This week’s key economic data comes in the form of NZ job’s data with unemployment expected to rise from 3.4%. The RBNZ will be closely watching this release with some analysts predicting the…
The UK economy has been emerging from the recessionary economic conditions, under the guidance of the new Government, but things may be about to change. The UK Budget is next week and the rumours are that there will be tax hikes and budget cuts. The latest is a rumour of expanded deficits/debt, which can only…
The New Zealand Dollar (NZD) is up on the week against the British Pound (GBP) clawing its way to 0.4470 (2.2380) before settling around the 0.4450 (2.2470) zone. This is the midpoint of the 5 weeks of moves and volatility. UK Manufacturing came in at 47.9 vs 47.4 highlighting the slowest growth and business activity…
The Euro (EUR) has been slammed of late, the New Zealand Dollar extended gains Monday off 0.5570 (1.7950) to trade around 0.5590 (1.7870) into Tuesday sessions. The Euro has been weak across the board off the back of the collapse of the German Govt and the new “Trump” govt. A daily close through the 6-week…
Worldwide coronavirus cases surpass 24.6 million with over 835,000 official deaths. Auckland coronavirus lockdown (level 3) has been extended to August 30th I’m wondering about the discrepancies between “real data” and what’s actually happening in the US at the moment. It seems headlines and economic data announcements are highlighting major disparities. Hopes of vaccines, progress…
Alexander Boris de Pfeffel Johnson (yes, that’s his actual name) is the new Prime Minister of the United Kingdom and the new leader of the Conservative Party. A smart man educated at the prestigious Eton College he will bring his quirky somewhat unorthodox but humorous ways to parliament. He won 66% of the Conservative party…